Reliance Industries slipped 2.73% to Rs 2170 at 11:20 IST on BSE on reports the firm may transfer 80% of its participatory interest in the D6 Krishna Godavari block to its four unlisted subsidiaries.
The stock hit a high of Rs 2222 and a low of Rs 2160.60 so far during the day. The stock had a 52-week high of Rs 3252.10 on 15 January 2008 and a 52-week low of Rs 1774 on 27 August 2007.
India’s largest private sector firm by market capitalisation and oil refiner has an equity capital of Rs 1453.71 crore. Face value per share is Rs 10.
The current price of Rs 2170 discounts its Q1 June 2008 annualised EPS of Rs 113.07, by a PE multiple of 19.19.
According to reports, Reliance Industries (RIL) has sought the petroleum ministry’s approval for transferring 80% of its participatory interest (PI) in the famous D6 block in the Krishna Godavari (KG) basin to four unlisted subsidiaries -- Reliance KG Exploration and Development, Reliance KG D6 E&P, Reliance KG Basin and Reliance E&P KG
The ministry, in turn, has asked the upstream regulator, the Directorate General of Hydrocarbons (DGH), to furnish a list of similar cases where more than 50% of PI in blocks have been transferred to affiliates, the reports added.
Valued at nearly $50 billion with 14 trillion cubic feet of gas reserves, this is the arguably the most valuable asset held by the company.
Reliance Industries’ net profit rose 13.2% to Rs 4110 crore on a 40.8% rise in sales to Rs 41579 crore in Q1 June 2008 over Q1 June 2007.
Reliance Industries manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquified petroleum gas.
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